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Which of the following statements is correct?
a. If a firm decreases the price of its product and demand for the good is inelastic, its total revenue will decrease.
b. If a firm decreases the price of its product and demand for the good is elastic, its total revenue will decrease.
c. As the price of X falls and we move down an individual's demand curve for X, the money income of the individual also changes.
d. The own price elasticity of demand is constant at all points along a linear demand curve.
q.based on the production function parameter estimates reporteda. which industry or industries appears to exhibit
An office supply company has purchased a light-duty delivery truck for $15,000. It is anticipated that the purchase of the truck will increase the company’s revenue by $10,000 annually, while the associated operating expenses are expected to be $3,00..
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
Explain why capital flows cause imbalances in the current account. Post to the discussion board your 200 word answer focusing on selecting and organizing your most relevant comments in a coherent fashion.
The production function at Ginko's Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. As an example, if L = 4 and K = 1, then the minimum of L and 3K, min(L,..
The amount of money generated in a week can be viewed as a random variable with a mean of $700 and a standard deviation of $130. Find mean and standard deviation of an employee's total pay in a week.
If the regulator wants to use a transferable emission permit scheme to achieve industry abatement of 50%: How many permits will it need to issue? If each firm receives one -half of the permits at no charge initially, explain what permit trading will ..
It is expected that the price of a bushel of wheat will increase in one month.
Discuss what happens to the demand and or supply and to the equilibrium price and quantity in the market for housing as population increases and at the same time the government releases more land for housing.
Use the principles of supply and demand to address a predetermined goal (set by you) in the gasoline market. Be clear on what the current market indicates and why and what your future goal is. We will probably revisit some of your choices in future m..
Bud has very limited store space and has decided to limit his product line to one brand of beer, choosing to forego the snack food lines that normally accompany his business.
mixed economic systems answer the three fundamental economic questions of what to produce, how to produce, and for whom to produce, including global environments
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